Senate

I’ve been on Wall Street since the late 90’s, but am now at a private down-to-earth firm.

So I’m just as outraged about the $18B in bonuses that were doled out last year at the big banks–e.g., Merrill, Bank of America, and others that received TARP money.

I’d venture to say that pay should be capped at less than $400K. Because often times, it was a heck of a lot harder for the President to become President than it was for some of these CEO’s to become CEO’s.

Plus, the President has the weight of the free world on his shoulders, and the lives of millions of Americans in his hands. So why should anyone earn just as much as the President?

Cap it at $250K! And then see who remains. Likely the good-hearted people who really want to do this work. Then again, who really wants to do banking work. I love my job, but the average banker hates their job and only does it for the money.

Take away the money, and I promise you that Wall Street will become like a benevolent non-profit environment.

And the best part about Washington fighting back is that President Obama proved that Wall Street money isn’t necessary to win an election. Seriously, yesterday when the President gave Wall Street a smack down, he did not stutter.

I’m sure you heard former Mayor of NYC Rudy Guiliani’s response. That without Wall Street’s money, NYC would have a tremendous budget deficit. Because it’s the Wall Streeters who go to the fancy restaurants and pay for dry cleaning and other services. So don’t cap their salaries, and pay them their bonuses.

Good grief. Can someone say “2012”?

Senator McCaskill said it well. And I’m proud of her for standing up to Wall Street.

I mean, yeah it stung a little bit when she said that we’re idiots on Wall Street, but no offense taken girl, I got you.

And for the record, there are also many very kind people who work on Wall Street–people who donate their time and money to local charities and to the less fortunate. Don’t forget that.

No more feeling helpless when you find out that your former male coworker made several thousand more than you for the same job.

NO MORE!!

President Obama signed the Lily Ledbetter Equal Pay bill this morning. I nearly cried when I saw this image on my computer streaming live. That’s Ms. Ledbetter standing behind the President and next to Speaker Nancy Pelosi.

Lily Ledbetter lost her case in 2006 in the Supreme Court, who ruled that she needed to have sued Goodyear Tire within 180 days of the first instance of pay inequality.

The problem was that the first instance of pay inequality happened in the LATE 70’S!! Seriously, do you know at this moment what the guy sitting next to you at work makes? And would you ask?

But I bet you’d ask several years after leaving the job, when you’re sitting in a bar with former coworkers kvetching about how much your old job sucked.

This bill today removed that 180 day limitation. So even if you found out several decades later, you can still sue.

AMEN.

The only sad part about today is that Lily Ledbetter didn’t get some kind of reparation. Because think about it–since she earned less than her male coworkers, she received less 401K matching and her pension is less. She may also have been unable to save as much in other areas in her life.

Unfair. And as a woman who also found out about pay inequality after the fact, I applaud this.

Now we just need promotion equality. Don’t promote the guy with the loudest voice in the room, or your drinking buddy. Promote the person who really worked hard and made significant contributions, but perhaps just didn’t walk around the office swinging their balls everywhere.

She’s Lily Ledbetter, the woman who sued Goodyear for not paying her a salary equal to men who had the same job. This pay inequality happened over a period of decades.

She lost her case in 2006. The Supreme Court ruled that she should have filed her lawsuit as soon as the pay equality was established, which was several decades ago. That would have allowed her manager and other parties to be brought to court. Unfortunately, many of those involved parties are now deceased.

Senators, including Senator Dick Durbin from IL, are against this time limit. Because jeez–she _just_ found out. For example, do you know what the person sitting next to you at work makes? But I bet you somehow found out several years after you left that job.

I hope a YouTube video comes out soon of Senator Durbin explaining his position on this case. Because it’s the clearest, most articulate explanation of anything that I’ve heard coming from the senate floor.

Google this case. And send Senator Durbin your support. Keep at it Dick!

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About The Wall Street Geek

After turning $1100 into $7015 in the stock market right out of college, the author of "The Wall Street Geek" worked for 15 years on Wall Street. In this investment blog, she gives investment tips and insights to help everyday investors be successful. Read More >>

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